New Delhi, Nov 14: Senior Congress leader,Harikesh Bahadur, on Monday lauded the Union Government's initiative to demonetise high value currency notes, saying it was necessary to restore financial discipline and regulate the economy.
Bahadur, a former member of the Congress Working Committee, told PTI that the move by the Modi government would unearth black money and act as a deterrent for generation of black money.
"The decision to ban Rs 1000/Rs 500 currency notes is a correct and a necessary measure to restore financial discipline and regulate the economy. It will unearth black money and act as a deterrent for generation of black money," he said.
He said that people should brace "minor hardships for some time" for development and prosperity of the nation.
"All citizens should prepare themselves to tolerate minor hardships for some time for development of the nation and prosperity of the people. At the same time the government must device effective measures to reduce the problem being faced by common man," he added.
Bahadur's remarks came on a day when Congress and TMC leaders are meeting here to chalk out a united fight against the demonetisation move during the Winter Session of Parliament commencing on November 16.
Meanwhile, long queues were seen outside banks and ATMs across the nation for the fifith consecutive day today.
People faced a great deal of inconvenience as several ATMs kept going went dry due to cash crunch.
In a major attempt to tackle hoarding of black money, corruption and terror financing, Prime Minister Narendra Modi, on November 8, announced that all Rs 500 and Rs 1,000 rupee notes would cease to be valid in all forms of transactions.
(with PTI inputs)